Ethereum Price Technical Analysis

Ethereum Price Technical Analysis – Looking To Buy ETH/USD?

Avatar Aayush Jindal 3 years ago

Key Highlights

  • ETH price continued its upside move against the US dollar, and traded above the $8.20 level.
  • There is a bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is acting as a support near $8.15-10.
  • One may consider buying dips as long as the price is above the $8.00 support.

Ethereum price managed to gain further traction and moved above the $8.20 resistance. More gains are possible in ETH/USD since buyers are in control.

Ethereum Price Buy Dips

There were further gains in ETH price against the US Dollar, as the price broke yesterday’s high of $8.003 and moved above the $8.20 resistance area. A new weekly high of $8.37 was formed. The price is currently correcting lower, but it may find buyers on the downside. An initial support is around a bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD.

The highlighted trend line support is playing well, and one may consider buying near it. However, there is a chance of a correction towards the 23.6% Fib retracement level of the last wave from the $6.87 low to $8.37 high as well. So, one must not aggressive while buying near the trend line support. In the worst case, there can be a proper corrective wave in which the price could retest the $7.80 support.

Ethereum Price Technical Analysis

The stated support also coincides with the 38.2% Fib retracement level of the last wave from the $6.87 low to $8.37 high. Let us see how the price trades near the trend line. Depending on the price action and reaction, buyers may take a stand. On the upside, the next major hurdle is around $8.50.

Hourly MACD – The MACD is strongly in the bullish slope, but slowly decreasing.

Hourly RSI – The RSI is moving down towards the 50 level.

Major Support Level – $8.00

Major Resistance Level – $8.50

 

Charts courtesy – SimpleFX

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